GBPUSD rose during trading on Tuesday as Brexit talks resumed.

Last Updated on August 18, 2020

GBPUSD rose by 19:48 GMT by 1.1% to 1.3248, and the day’s high was recorded at 1.3249 and the lowest price was at 1.3097.

Today, post-Brexit talks between United Kingdom and Brussels were resumed, with hope of reaching a trade agreement between two parties next month.

The chief European negotiator, Michel Barnier, will meet with his British counterpart, David Frost, in seventh round of “Brexit” talks between London and Brussels.

United Kingdom has ruled out extending deadline for “Brexit” talks in the transitional period beyond next December in order to reach an agreement.

While hopes are resting on ongoing talks between two sides for successive rounds, there are still deep differences over rules of competition, fishing rights, how to activate potential agreement and its entry into force, as well as implementation of its provisions.

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GBPUSD continues its raising

USD fell against most of the major currencies during trading on Tuesday, extending bleeding of sharp losses ahead of release of Federal Reserve meeting minutes.

Data in US showed that building permits – which hint at more activity in US housing market – recorded 1.50 million permits last month, compared to expectations of 1.33 million permits.

Tomorrow, Wednesday, Federal Reserve will release the minutes of its meeting that took place in late July, and investors are waiting for indications about discussions that took place behind closed doors at Central Bank to determine the features of monetary policy in light of continuing crisis of Coronavirus.

For his part, potential Democratic candidate for US presidential elections, “Joe Biden,” pledged to restore his kidnapped country from current president, “Donald Trump” – as he described it – and to restore its global leadership.

In terms of trading, the dollar index fell (against a basket of major currencies) by 17:58 GMT, by 0.6% to 92.3 points, and recorded the highest level at 92.8 points and the lowest level at 92.1 points.

Professional Trader and Analyst, economist in Financial and Forex marketsince 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
Mohammed Abdelkhalik

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